Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Hierarchy for Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis

The following tables represent the Company’s fair value hierarchy for financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 (in thousands):

	Basis for Fair Value Measurements						Fair Value as of
	Level 1		Level 2		Level 3		March 31, 2022
Assets
Money market funds	$	54,437	$	—	$	—	$	54,437
Commercial paper		—		42,557		—		42,557
Corporate bonds		—		95,383		—		95,383
US Treasuries		—		70,605		—		70,605
Total	$	54,437	$	208,545	$	—	$	262,982
Liabilities
Derivative liability	$	—	$	—	$	221	$	221
Total	$	—	$	—	$	221	$	221

	Basis for Fair Value Measurements						Fair Value as of
	Level 1		Level 2		Level 3		December 31, 2021
Assets
Money market funds	$	36,556	$	—	$	—	$	36,556
Commercial paper		—		37,535		—		37,535
Corporate bonds		—		94,864		—		94,864
US Treasuries		—		30,029		—		30,029
Total	$	36,556	$	162,428	$	—	$	198,984
Liabilities
Derivative liability	$	—	$	—	$	214	$	214
Total	$	—	$	—	$	214	$	214

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following tables set forth a summary of the changes in the fair value of the Company’s Level 3 financial instrument during the three-month periods ended March 31, 2022 and 2021 (in thousands):

	Derivative Liability
Balance as of December 31, 2021	$	214
Change in fair value included in other income (expense), net		7
Balance as of March 31, 2022	$	221

	Derivative Liability
Balance as of December 31, 2020	$	122
Change in fair value included in other income (expense), net		92
Balance as of March 31, 2021	$	214